Well, I'm Gonna Start Using the 401K

[Fishindude]

Have been out of the workforce for almost two full years.  We have been living off of income from investment real estate, stock dividends and a side gig which totals up to about 50-60% of our needs, the balance was just coming from cash savings.   Just turned 60 so can get SS yet.   Took the 401K (appox $1.25 mil) and rolled it into an IRA and will be drawing $4,000 per month starting the first of 2020.   Seems kind of wierd to be spending that money we religiously stashed away for so long, but I guess that's what it's for.   I wanted to hang on to our cash in case another good real estate investment pops up.

[ItsALongStory]

Congrats on taking this next step, I can imagine it feels awkward but you've stuck to the strategy for years in order to be able to benefit in the end. Now is that time :)

[FreshlyFIREd]

Have been out of the workforce for almost two full years.  We have been living off of income from investment real estate, stock dividends and a side gig which totals up to about 50-60% of our needs, the balance was just coming from cash savings.   Just turned 60 so can get SS yet.   Took the 401K (appox $1.25 mil) and rolled it into an IRA and will be drawing $4,000 per month starting the first of 2020.   Seems kind of wierd to be spending that money we religiously stashed away for so long, but I guess that's what it's for.   I wanted to hang on to our cash in case another good real estate investment pops up.

I have also been out of the workforce from a little over two years. Feels good, doesn't it? I also have been living off of cash savings. The awesome part is that my overall stash grows faster than the cash that I'm pulling out! It feels like I have a perpetual money machine. This helped me cope with spending the cash.
Congrats on the retirement. I'm also 60 and I am having the time of my life.
I track my stash monthly. I withdraw monthly based on 3.25% withdrawal rate.

[bmjohnson35]

Congrats.  You will finally get to reap the rewards of investing over all those years.

Enjoy,
BJ
 

[CowboyAndIndian]

Have been out of the workforce for almost two full years.  We have been living off of income from investment real estate, stock dividends and a side gig which totals up to about 50-60% of our needs, the balance was just coming from cash savings.   Just turned 60 so can get SS yet.   Took the 401K (appox $1.25 mil) and rolled it into an IRA and will be drawing $4,000 per month starting the first of 2020.   Seems kind of wierd to be spending that money we religiously stashed away for so long, but I guess that's what it's for.   I wanted to hang on to our cash in case another good real estate investment pops up.

I have also been out of the workforce from a little over two years. Feels good, doesn't it? I also have been living off of cash savings. The awesome part is that my overall stash grows faster than the cash that I'm pulling out! It feels like I have a perpetual money machine. This helped me cope with spending the cash.
Congrats on the retirement. I'm also 60 and I am having the time of my life.
I track my stash monthly. I withdraw monthly based on 3.25% withdrawal rate.

Almost coming up on my second FIRE anniversary and I am in the same boat.  I have been living off cash savings and a rental. Now that my cash savings are low, need to start withdrawing from the IRA.

I am so conflicted withdrawing money from my IRA when the last 25 years, my focus was to save and save ;-)

[BigEasyStache]

@FreshlyFIREd, @Fishindude, @CowboyAndIndian

If you don't mind, I'd like to ask how you are managing healthcare insurance?  ACA?  And what's the plan to gap to 65?

Congrats on your FIRE!  I'm looking forward to it likely in 2020.

[CowboyAndIndian]

@FreshlyFIREd, @Fishindude, @CowboyAndIndian

If you don't mind, I'd like to ask how you are managing healthcare insurance?  ACA?  And what's the plan to gap to 65?

Congrats on your FIRE!  I'm looking forward to it likely in 2020.

DW is still working and I'm on her insurance. That is the main reason she is not joining me in FIRE.

We plan to CORBA when she stops, hopefully at the end of 2020. And when CORBA ends, try for the ACA. I have not made detailed plans since politically things are changing and I do not know what ACA will be when we need it.

[blue_green_sparks]

Just getting into that same boat. Retired for a year and I am now 59.  In hindsight I went over-conservative on the traditional IRA portfolio and cash accounts this past year but still made a little more than our expenses so I put 7K into a new ROTH IRA. Income from the trad IRA will be adjusted as needed to help manage our health care insurance expenses. My plan is to hold off on SS and pension until 65 or later.

It is odd that my hectic days are now the weekends.

[risky4me]

I totally get the apprehension in transitioning from saving to spending. My wife and I focused on building it up for so many years, it just didn't feel right reversing the process. We set an amount and skim off anything that goes over(less than 4%)- that has served us well for the last years, and we understand any corrections will stymie that concept. We keep enough out of the market that we can never take out when it is down. Probably too much in cash reserve, buy that's what makes us feel good. Besides, when the market stumbles we will have money to buy cheap stocks! Making your money work for you sure feels good.

[FreshlyFIREd]

@FreshlyFIREd, @Fishindude, @CowboyAndIndian

If you don't mind, I'd like to ask how you are managing healthcare insurance?  ACA?  And what's the plan to gap to 65?

Congrats on your FIRE!  I'm looking forward to it likely in 2020.

I retired at 58. Wifie retired at the same time at 55. Wife's retirement package includes health insurance. I doubt we would be retired without her health insurance.

[OzzieandHarriet]

We started dipping into our accounts this year after DH turned 60. It did feel strange. We set a dollar amount we thought we would need, well under 4%, and withdrew quarterly.

We are keeping about 2 years’ expenses in a money market account and drawing on that monthly or as needed.

[Fishindude]

@FreshlyFIREd, @Fishindude, @CowboyAndIndian

If you don't mind, I'd like to ask how you are managing healthcare insurance?  ACA?  And what's the plan to gap to 65?

Congrats on your FIRE!  I'm looking forward to it likely in 2020.

I kept my company insurance and paid COBRA for 18 months at about $800 per month for spouse and myself.   
Last year we went on ACA to the tune of $1,185 per month.   Just renewed for 2020 and it's approaching $1,400 per month.
I'm 60 and spouse is 58 so  we're going to be paying for this outrageous insurance for a few years, but we've put enough aside to handle it.
Unless the feds do something drastic, you just have to suck it up and pay for ACA.

Note - ACA insurance is much cheaper if you fall below a certain level of income, I believe it was around $67,000 threshold.